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Zohran Mamdani will take oath as Mayor of New York on January 1.
Famous New York City real estate billionaire Barry Sternlicht has expressed fear that the situation in the city could worsen under Mamdani’s leadership. Talking to CNBC News, he said that New York can also become like Mumbai.
Actually, Mamdani had made many big promises during his election campaign. These include freezing house rents i.e. stopping them from increasing, starting free bus service in the city and providing free childcare for small children.
Regarding this, Sternlicht believes that freezing the rent and giving more leeway to tenants will worsen the condition of landlords. He said- If one tenant does not pay rent and cannot be evicted, then others will also not pay. Gradually the whole system will break down and New York will become like Mumbai.
Starwood said – Mamdani’s issues are correct, but difficult to implement
Sternlicht, CEO of Starwood Capital Group, said the cost of real estate in New York is already very high and a big reason for this is labor unions. Because of these unions, the cost of any project increases and it becomes difficult for common people to build or buy a house.
He said-
Every project in New York has to be done with a union, which greatly increases costs. This is why houses are so expensive here.
He also said that Mamdani is talking about the right issues, such as the need to build more houses in the city, but it will not be easy to do. According to him, if the government does not provide the necessary support and the unions do not relax their rules, it will be economically impossible to build new houses.
Said- Socialism has not been successful anywhere in the world till now
Sternlicht also raised concerns about security. He reminded that Mamdani had earlier talked about cutting the budget of the police department. If people feel that their children are not safe on the streets, they will leave the city. If the police do not get respect and support then the situation will worsen.
He told that his company is already considering shifting its office from Midtown Manhattan. Finally, Sternlicht said that he hoped Mamdani would learn from history, because socialism has not yet succeeded anywhere in the world.
Mamdani will become the first Indian-origin mayor of New York
Zohran Mamdani defeated former Governor Andrew Cuomo in the New York mayoral election on November 4. Mamdani will be the youngest, first Indian-origin and first Muslim mayor of New York in the last 100 years. His swearing in will take place on January 1.
Mamdani calls himself a ‘democratic socialist’, meaning he favors policies of the common people rather than those of corporates. Mamdani is associated with the leftist faction of the Democratic Party (DSA). This group is opposed to big companies, billionaires and the traditional policies of the Democratic Party.
Mamdani’s 4 big election promises
- Freezing house rent, so that the burden of inflation does not increase on tenants.
- Free bus service for all, relief to working class and students.
- Opening of government grocery shops, so that essential items are available at affordable prices.
- Free day-care facility for children, providing relief to working families.
New York: The most powerful city in the world
New York City is called the heart of America. Being mayor here is not just being the head of a city, but it is like sitting on one of the most influential political chairs in America. This is the reason why the eyes of the whole world were on this election.
New York’s annual GDP is approximately $2.3 trillion. That means New York City alone is more than half of the GDP of entire India. The Mayor of New York controls the city’s administration, police, transportation, housing, education and health systems.
New York City has its own budget (over $100 billion) and rules and regulations. The mayor decides where tax money will be spent, what policies will be implemented, and what direction the city will grow in. That means it is a role like a mini-Prime Minister.
New York City is called the financial capital of America. Wall Street is here, the world’s media companies are here and the United Nations headquarters is also here. Therefore, the mayor’s decisions affect not only the city but also at the international level.
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